Democrats, Republicans continue sparring on tax cuts

Lawmakers haven't made any decisions about when they will try to move an extension of, at least, the middle-class tax cuts. 

"Now, I just don’t believe this makes any sense," Obama said. "Even as we debate whether it’s wise to spend $700 billion on tax breaks for the wealthy, doesn’t it make sense for us to move forward with the tax cuts that we all agree on?"

Congressional Republicans support extending all the tax cuts and some Democrats are joining that call as the economy struggles to recover. The White House wants to extend the middle-class tax cuts and let the Bush-era tax breaks expire for those making more than $250,000 a year. 

Senate Minority Leader Mitch McConnell (R-Ky.) responded that "tax hikes aren’t going to grow the economy, just as no amount of spin can change the fact that the Washington spending spree hasn’t led to a hiring spree—despite the promises of Democrats in Washington."

"The good news is that a growing chorus of Democrats, here in the Senate and out on the campaign trail, are opposing the tax hikes the administration is proposing," he said.

"Right now, we could decide to extend tax relief for the middle class," he said. "Right now, we could decide that every American household would receive a tax cut on the first $250,000 of their income."